Metals Sink, Biotech Diagnostics Jump as Major Indices Slip for the Week Ending October 24, 2026

2026-10-24 · Money Checkup market briefing

The week's biggest swing wasn't in the major indices — it was in the metals space, where mining and precious metals names got hammered while a handful of biotech and lab-equipment stocks posted some of the largest gains of the year. Silence Therapeutics shot up 126.6%, and the Biotechnology: Laboratory Analytical Instruments industry group averaged a 23.5% gain across 11 companies, even as the broader market drifted lower.

All four major indices closed the week in the red. The Dow Jones led the declines, down 1.23% to 52,215.16, while the S&P 500 slipped 0.52% to 7,623.68. The Nasdaq Composite held up relatively well, down just 0.21% to 25,955.34, and the Russell 2000 dipped 0.29% to 2,775.90. Small caps and tech-heavy names were roughly in line with each other, while blue-chip industrials bore the brunt of the pullback — a pattern that lines up with the sharp losses in metals and mining stocks detailed below.

On the gainers side, the standouts were concentrated in biotech and healthcare: Silence Therapeutics (+126.6%), Nautilus Biotechnology (+57.3%), Myriad Genetics (+46.2%), Karyopharm Therapeutics (+32.7%), and Disc Medicine (+31.1%) all posted double- or triple-digit weekly moves. Braze (+56.4%) was the notable non-biotech gainer, and Robert Half (+37.7%) stood out among staffing names. On the losing side, the damage was broad and steep: Jaguar Health fell 42.1%, Avalo Therapeutics dropped 38.5%, Deep Fission lost 33.3%, and MacroGenics slid 30.8%. Kaiser Aluminum's 27.1% decline fits the week's weak-metals theme, while NVE Corp rounded out the losers list with a 26.7% drop.

The sector rotation this week was stark. Garments and Clothing (+15.2%), Miscellaneous Manufacturing (+14.6%), and Consumer Specialties (+12.0%) all posted solid gains, alongside the standout lab-instruments group. But the weak side of the ledger was dominated almost entirely by hard-asset industries: Other Metals and Minerals cratered 42.5% (driven by enCore Energy Corp), Precious Metals fell 21.1% across seven companies including Newmont and Royal Gold, and Metal Mining dropped 20.0% across ten names including Freeport-McMoRan and Cleveland-Cliffs. Blank Checks (-20.0%) and Pollution Control Equipment (-17.4%) also lagged. The breadth of the metals selloff — spanning precious metals, base metals, and mining broadly — suggests this was a sector-wide move rather than company-specific news.

On the filings front, six companies dropped annual reports this week for fiscal year 2026. Commercial Metals posted the highest Health Score of the group at 72.2, followed by Acuity (61.1), MSC Industrial Direct (60.8), Winnebago Industries (60.1), and FactSet Research Systems (60.1). Micron Technology also filed its 10-K but carries a notably lower Health Score of 31.6, worth noting given the size and visibility of the company. Separately, five companies remain flagged with going-concern audit notes: Entrada Therapeutics, FS KKR Capital Corp, Bain Capital Specialty Finance, New Mountain Finance Corp, and Innovative Industrial Properties. A going-concern flag means the company's auditor has raised substantial doubt about its ability to continue operating as currently structured — it's a disclosure worth understanding, not a prediction of what happens next.

With metals stocks broadly down and biotech diagnostics broadly up this week, it's a good reminder that sector-level moves can swamp individual stock stories. Readers tracking any of the names above — gainers, losers, or going-concern flags — can look up their current Health Score and valuation metrics on Money Checkup's screener to see how this week's move fits into the longer-term picture.

Not investment advice. Data and analysis only.